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Todd Creek Property

The Todd Creek Project offers the immediate opportunity to discover one or more significant gold-copper ore bodies. High priority drill targets have been interpreted and recommended by Geofine Exploration Consultants Ltd. (GFX) and by an Independent Consultant. The exploration targets are large and numerous and include epithermal-mesothermal, along strike and down dip persistent, multi-phase quartz breccia veins, possibly underlain by one or more gold-copper porphyry systems (South Zone gold-copper deposit and its northern extensions, the Gold Gully-MEXT-NEXT Zones; and, the Fall Creek Zones); auriferous hematite breccia (Gold Gully-MEXT Zones); VMS (Eskay Creek Type) targets associated with sulfidized felsic stratigraphy and coarse pyroclastic rocks (Yellow Bowl, Knob Zones); and, a large epithermal target characterized by barite and jasper and possibly underlain by a large gold-copper porphyry system (Orange Mountain Target Area incl. the Amarillo Zone).

1. South Zone Gold-Copper Deposit:

The property geology comprises the same favorable Hazelton Group stratigraphy and structural fabric, which hosts most of the gold and gold-polymetallic deposits in the Stewart Camp, including the Eskay Creek Mine. The property includes the South Zone gold-copper deposit (SZD; Hemlo Gold Mines Inc, 1988 Annual Report). The deposit remains open along strike and down dip.

The deposit is hosted by the South Zone Structure (SZS), a generally north trending, west dipping, strong fracture zone that appears to be a splay of the Todd Creek Fault. The SZS target is large, apparently extending 3 km south under the glacial-fluvial deposits of the Todd Creek Valley to the Mylonite Zone; and, 4 km to the north to the Knob Zone. Noranda drill tested SZD over about a 375 m strike length in the late 80’s and early 90’s. Geofine discovered the northern extension of the deposit in 1999, i.e., the Gold Gully-MEXT Zones., which have yet to be tested by diamond drilling.

The SZD mineralization mainly comprises epithermal to mesothermal, multiphase quartz-sulfide-hematite breccia veins containing coarse blebs of chalcopyrite. One or more gold-copper porphyry systems are thought to underlay the mineralization. There is an apparent thickening of the South Zone Deposit near the Zinc Gully Fault (VLS1) and it is in this area that Noranda obtained some of its widest and highest grade drill intersections e.g. 6.12 g Au/t and 0.35% Cu over 6.1 m; 8.834 g Au/t and 0.45% Cu over 11.7 m; and, 3.61 g Au/t and 0.27% Cu over 29.75 m, including 6.91 g Au/t and 0.31% Cu over 8.15 m. These results, when plotted on a vertical longitudinal section (VLS1), provide evidence of plunging ore shoot morphologies in which the higher-grade mineralization is concentrated. Based on the deepest hole ever drilled on the property, DFDHSZD04-04 that intersected the deposit at a vertical depth of about 182 m and returned 3.09 g Au/t and 0.29% Cu over a core length of 10 m, including 10.51 g Au/t and 0.88% Cu over a core length of 2.22 m, the deposit remains completely open at depth.

A number of Phase 1, 2006 follow-up drill holes are proposed on the SZD e.g., DDHSZD06-01, -02. The two holes would total about 350 m and the drill program could be expanded to include DDHSZD06-03 (~250 m). The holes would evaluate the interpreted plunging ore shoot morphologies and test the southern and central areas of the deposit at depth.

Proposed 2006 drill hole Todd Creek Property looking About 335º

    2. Gold Gully-MEXT Zones: Northern Extension of south zone deposit:

The Gold Gully and MEXT Zones (GMZ) have never been evaluated with diamond drilling. They are located approximately 100 and 200 m north, respectively, of the northern most Noranda historic hole on the South Zone deposit. Exploration conducted by Geofine in 1999 discovered the GMZ and work in 2000 suggested that the SZD mineralization continues along strike to the north, to and beyond the NEXT Zone (about 150 m north of the MEXT Zone). As noted by Geofine in 2000, the GMZ is currently deemed to offer one of the highest drill targets on the property.

Some of the strongest gold-copper mineralization has been found to the north of the SZD in talus at the bottom of the cliff face in which the GMZ is located. For example the interesting analytical results for samples collected on a control line along the bottom of the cliff are shown in Tables Tod Rat 1-3. There are no Noranda drill holes beyond station C18 and the GMZ starts at about C21. Moreover, a composite sample of Spec Type mineralization taken in 2004 at the MEXT Zone at about C29 returned 6.77 g Au/t and 0.31% Cu and a composite of M Type material returned 5.76 g Au/t and 2.33% Cu. The composites were prepared from two larger samples each weighing approximately 75 kg.

The mineralization mainly comprises massive to disseminated specular hematite +/- pyrite and chalcopyrite in multiphase breccia veins (“Spec Type”); and, coarse disseminations of blebby chalcopyrite in multiphase quartz-hematite breccia veins (M Type). The orthogonal structural fabric, which includes the MEXT and NEXT Zone Fault is considered conducive to the development of plunging shoot morphologies. As shown in Photo 1 and on VLS 1, two drill holes (DDHM06-01, -02) are proposed as an initial evaluation of the GMZ. DDHM06-01 would test the surface of the higher –grade gold-copper mineralization located in proximity to the structural junction of the MEXT Fault and the South Zone Structure (VLS 1).

The potential of the auriferous oxide or Spec Type mineralization apparently was not recognized until 1999, when discovered by GFX in the GMZ target area. The discovery was made after the Zinc Zone was found about 300 m west of the Gold Gully Zone. DDHM06-02 would provide and evaluation of the potential of the auriferous oxide breccia at depth. It would be drilled under the Zinc Zone to intersect the west dipping South Zone Structure Deposit at vertical depth of about 
250 m.

    3.  NEXT Zone:

DDHNEXT04-01 drilled in 2004 constituted a 5000 m step out from the most northerly Noranda historic hole on the SZD (VLS 1). The hole was successful in intersecting the NEXT Zone stratigraphy over a 36 m core length that included five multiphase quartz breccia veins, usually mineralized with hematite, pyrite and blebbly chalcopyrite and hosted by silicified and sulfidized, crackled crystal tuff. The veins returned up to 1.68 g Au/t and 0.49% Cu over a 7.02 m core length, including 4.18 g Au/t and 0.92 % Cu over a 1.5 m core length. The mineralization was intersected precisely as planned, at about 56 m bellow the collar location. The intersection is considered a further indication of the along strike and down dip continuity of the South Zone Structure over a one kilometer strike length that remains open at depth and to the north and south.

DDHN06-01 (Photo 1, VLS 1) is proposed intersect the NEXT Zone at the 925 m elevation (VLS 1) i.e., about 50 m vertically below that of DDHNEXT04-01. The hole would total about 100 m.

4. Fall Creek East F1 Zone:

The Fall Creek Target Area (FCTA; Figure 1) is located about 4 km north of the NEXT Zone and straddles the east flowing Fall Creek. The area is of general interest because the Yellow Bowl Target Area is located south of the FCTA and the Orange Mountain Epithermal Target Area (OMTA), including the Amarillo Zone, is located immediately to the north.

Yellow Bowl Zone

The FCTA and southern part of the OMTA are characterized by numerous quartz-carbonate-chalcopyrite-pyrite +/- hematite, barite fuchsite multi-phase breccia veins (e.g., Fall Creek East F1 and West Zones, Ice Creek Zone, North A Zone, B Zone). As historic work has indicated, the veins can have significant gold and copper contents.

The East F1 Zone was discovered in 1986 as a follow-up of anomalous values returned in a soil survey on the south side of Fall Creek. During 1986 to 1989 Noranda completed four holes totaling 368 m. Significant intersections include.

Hole 88-45:            0.43 g Au/t and 0.041 % Cu over 48.7 m
                        incl. 6.72 g Au/t and 0.68 % Cu over 1.45 m

Hole 88-46:            0.52 g Au/t and 0.058 % Cu over 52.25 m
                        incl. 12.10 g Au/t and 0.58 % Cu over 1.25 m

Hole 88-47:            1.24 g Au/t and 0.39 % Cu over 31.5 m
                        incl. 3.14 g Au/t and 0.97 % Cu over 11 m
                        incl. 5.96 g Au/t and 0.50 % Cu over 7.9 m
                        incl. 24.14 g Au/t and 3.79 % Cu over 1 m

Hole 88-48:            1.27 g Au/t and 0.12 % Cu over 27.85 m
                        incl. 3.94 g Au/t and 0.31 % Cu over 7.90 m
                        incl. 4.71 g Au/t and 0.50 % Cu over 4.75 m
                        incl. 15.22 g Au/t and 1.97 % Cu over 1 m

IP and gold soil geochemical anomalies delineate the vein systems of the East and West Zones over a 900 by 450 m area. The East F1 Zone has an apparent strike length of over 800 m and a vertical extent of over 300 m. Noranda tested the zone with diamond drilling over a strike length of 100 m and to a depth of 50 m.

A two hole, Phase 1, 2006 diamond drill program comprising about 150 m is proposed to confirm and follow-up the significant mineralization. If these holes are successful, additional drilling will be immediately recommended (Figure 2).

5. North Zone

The North A Zone (Fig. 3) is located in the OMTA on the north side of Fall Creek. It was a Newmont discovery and yielded significant results. The zone is described as northwest trending and vertically to steeply west dipping, up to 30 m wide and comprised of 0.1-2 m wide quartz, chalcopyrite, pyrite, hematite and breccia veins. The veins are commonly banded and brecciated and have been traced for 320 m . Trenching results ranged up to 3.8 g Au/t across 14.3 m.

Noranda tested the zone with 9 holes and the significant results include:

            3.47 g Au/t, 0.75 % Cu over 31.85 m
incl.      14.47 g Au/t, 2.06 % Cu over 5.95 m
            2.83 g Au/t, 0.58 % Cu over 1.95 m
            3.95 g Au/t, 0.22 % Cu over 2.00 m
            3.43 g Au/t, 0.73 % Cu over 1.70 m
            6.21 g Au/t, 0.60 % Cu over 1.75 m

In 1990, Noranda drilled Hole 90-49 on an IP anomaly located about 85 m south of Fall Creek that appears to represent the along strike extension of the North A Zone. The hole returned anomalous copper, gold and zinc values over a core length of 16.4 m including 3.37 g Au/t and 0.27% Cu over a 2.85 m core length. The intersection, along with and IP anomaly located 100m further south, suggests the North A Zone has a strike length at least 500 m. The zone remains open to the southeast and also to the northwest, where Holes 88-43 and 88-44 returned a number of interesting assays including 2.74 g Au/t and 0.41% Cu over 3 m and 2.57 g Au/t over 3 m, respectively.

In 1997, GFX located the southern extension of the North A Zone, south of Fall Creek. Contiguous chip samples over a 13.5 m with averaged 330 ppb Au and 0.40% Cu, including 3 m averaging 2.16 g Au/t, 8.7 g Ag/t, 1.28 % Co, and 0.15% Zn. A 1 m chip sample from the zone north of Fall Creek returned 44.81 g Au/t and 3.28% Cu. In 1999, the outcrop was re-sampled with an expanded width and returned 44.81 g Au/t and 3.30% Cu over 2 m. The next outcrop, located about 2 m to the south, was evaluated with three contiguous samples that returned 1.58 g Au/t and 1.20% Cu over 20 m; 20.14 g Au/t and 0.48% Cu over 2 m; and 0.63 g Au/t and 0.28% Cu over 2 m.

The Phase 1 diamond drilling activities proposed by Geofine on the North A Zone contemplate the drilling of one hole (DDHAZ06-01, ~100 m) to follow up the wide intersection of 1.51 g Au/t and 0.34% Cu over 16.75 m in DDH 88-41; the outcrop sample near Trench 5, which returned 44.18 g Au/t and 3.30% Cu over 2 m; and, the gold values in additional samples from nearby outcrops, which ranged up to 4.04 g Au/t.

6. Other significant Au-Cu targets:

The Todd Creek Project includes numerous other gold-copper targets and showings on which drill targets have been delineated or are in the process of being delineated. The largest of these is the Orange Mountain Epithermal Target Area (OMTA), which is characterized by barite, jasper and some of the strongest polymetallic soil geochemistry that Geofine has encountered in the Stewart area. The OMTA is flanked to the south by the Fall Creek Target Area, (referenced above).

The Yellow Bowl Zone is located south of the Fall Creek Target Area and comprises a large area of favorably altered mafic to felsic volcanic stratigraphy. A number of showings and samples of angular float rock have yielded significant gold and base metal values, with some indicative of Eskay Creek type mineralization.

The Knob one is located at a prominent structural junction of the Todd Creek, Fall Creek and Knob Creek Faults. It consists of intensely sulfidized volcanic breccias, which have been element signature deemed favorable for proximal polymetallic mineralization.

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